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The fall of Jersey: how a tax haven goes bust @offshorebroker #investorseurope

The long read: Jersey bet its future on finance but since 2007 it has fallen on hard times and is heading for bankruptcy. Is the island’s perilous present Britain’s bleak future?

Investors Europe Stock Brokers's insight:

The fall of Jersey: how a tax haven goes bust @offshorebroker #investorseurope

In April, officials announced that the budget would be short £125m a year by 2019. “What went wrong?” asked the Jersey Evening Post. And that was just the start of it. By June, the annual deficit – now known on the island as the “black hole” – had been revised upwards to £145m, more than £1 in every five that the government spends. “The black hole is so big,” according to Connect, a Jersey business magazine, that “filling it will take the equivalent of shutting down every school in the island, laying off every teacher, letting the parks turn into overgrown jungles and having our roads literally fall apart.”

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